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Bitcoin

Bitcoin miners to exchange flow spikes by over 200%

  • Bitcoin miners to exchange flow surged by 271 percent in the past 24 hours.
  • Bitcoin Net flow to exchanges in the past week totaled -$792.5 million.

Over the past month, the leading cryptocurrency Bitcoin (BTC) has been gaining increased activities, following its price upticks. The cryptocurrency trades at $15,313 on Coinmarketcap at the time of writing. This is only a few points away from the recent yearly high at $15,950. Amidst the price strength, Bitcoin miners’ deposit to cryptocurrency exchange spiked significantly within the past 24 hours.

Bitcoin miners flow to exchange surges

According to the information shared on Monday by Glassnode, an on-chain analytics platform, Bitcoin miners raised the flows by 271.6 percent. As of yesterday, miners’ deposited about 6.75 Bitcoin to exchanges. However, the current deposits from that time have surged to 25.1 Bitcoin, according to Glassnode. Many people feared that such a spike in Bitcoin miners’ flow to exchanges isn’t usually for good.

They are concerned that such a massive deposit can disrupt Bitcoin’s price stability. As such, there may be selling pressure for the cryptocurrency. It remains unknown whether the massive Bitcoin inflow to exchange will disrupt Bitcoin or if the cryptocurrency will totally ignore. However, it’s worth noting that the cryptocurrency still looks strong based on its current price.

There are also more buys for the crypto as Cryptopolitan recently reported that addresses holding at least $10,000 worth of Bitcoin reached one million.

Bitcoin Net flow

In separate information, Glassnode noted that weekly Bitcoin inflow to crypto exchanges totaled $5.1 billion. However, nearly $6 billion ($5.9B) was transferred out of exchanges in the past week, thereby making a Net flow -$792.5 million. The second and third-largest cryptocurrencies also gained a negative Net flow in the past week. As Glassnode shared, Ether (ETH) had an inflow of $1.2 billion and $1.4 billion as outflow, making a Net flow of $165.8 million.

Exchanges gained about $3.2 billion inflow of Tether (USDT ERC-20) in the past. However, the outflow exceeded $3.4 billion, making a Net flow of $192.9 million.

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